• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 hours The United States produced more crude oil than any nation, at any time.
  • 6 hours How Far Have We Really Gotten With Alternative Energy
  • 5 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 24 hours Bankruptcy in the Industry
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Statoil Eyes “Considerable” North Sea Discovery

Statoil Eyes “Considerable” North Sea Discovery

Norway’s Statoil (STO) is sitting on a new discovery in the North Sea that could contain between 40 million and 150 million recoverable barrels of oil equivalent, the company said last week.

Statoil announced the discovery in its Gullfaks license area in the Shetland Group/Lista Formation in the North Sea. The Norwegian company is the operator of the license, with a 70% interest, in partnership with Petoro, a minority partner with 30%. 

The 40-150 million recoverable barrels estimate is still under a “high degree of uncertainty”, with additional appraisals ongoing to confirm the findings.

Related article: Developed Nations have Already Passed Peak Oil Demand

According to Statoil, the Gullfaks finds are younger and shallower deposits compared to its Brent Group reservoir, which is the primary deposit in the license area.

Gullfaks is being developed through three permanent installations which have produced over 2.4 billion barrels of oil and over 56 billion cubic meters of gas to date.

“The discovery provides new volumes that can give high-value production in a short time as well as new promising perspectives for the field and the installations, Oystein Michelsen, Statoil executive vice president for development and production in Norway, said in a statement.

By. Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News